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Centro Pressed by Challenges

Property Giant Now Relies
On Architect of Costly Deal
To Pull Firm From the Fire

By

Kris Hudson

Updated Jan. 30, 2008 12:01 a.m. ET

When the chief executive of Centro Properties Group stepped down under fire this month, the Australian retail-property giant made an ironic replacement: the man who helped put the company in its current bind by selling Centro his U.S. company at a sky-high price.

Glenn Rufrano was CEO of New York-based New Plan Excel Realty Trust when Centro bought it for a hefty $3.7 billion early last year. After the deal, Mr. Rufrano stayed with Centro as its top U.S. executive. He moved to the top job when liquidity problems caused by...